Cryptos are trading in the green after making a slight comeback from the red. This week’s trading commenced with cryptocurrencies slashing the gains made in the last week of September. However, there are bullish signals that show that further upside retracement is expected towards the end of the week. In other news, the Japan Banking Consortium has today launched MoneyTap; a payment solution that has been developed using Ripple’s xCurrent.
Likewise, Ethereum 2.0 Casper and sharding client prysm beta version has been launched by Ethereum developers. Another highlight in the market is that TD Ameritrades, an online-based brokerage firm has announced its intentions to launch a cryptocurrency trading platform called ErisX in collaboration with Eris Exchange.
Siacoin (SC)
There is an old adage that says “a good day is always seen in the morning.” Well, for Siacoin this good is Thursday 4. The altcoin opened the session making an incredible upward movement using the established short-term support at $0.0074. This bullish trend did not, however, begin today, SC/USD had been making progress since October 1. It was stuck in a range below $0.0068. Siacoin sprung up during the session on Wednesday 3 while it embraced the support of the bullish trendline as observed on the chart.
Unfortunately, the price lost momentum on testing $0.0082 prematurely ending the trip to the moon. At the time of writing, SC/USD has broken below the bullish trendline support as well as the weak support at $0.0078. The price is changing at $0.00775 amid an ongoing bearish trend. Although Siacoin price is still trading above the moving averages, the stochastic on the hourly chart is heading south. This signals that bears are gaining ground against the buyers. However, if the bulls can defend the next support target at $0.0076, the gains will occur towards the intraday resistance at $0.0082.
Holo (HOT)
Holo price has been edging higher against the Ethereum (ETH) in the past three days. The crypto found a balance at 0.00000405 ETH following the lower correction at the beginning of the week. The Bulls battled for a pullback as HOT/ETH spiked in a series of bullish engulfing candles. Holo price retraced higher stepping above the 61.8% Fib level with the swing high of 0.00000461 ETH and a swing low of 0.00000423 ETH.
However, the buyers lost momentum on trading highs of 0.00000452 as HOT/ETH trimmed gains. The crypto consolidated around 0.00000435 ETH before spiking again during the Asian trading hours on Thursday. Holo has formed intraday highs of 0.00000461 and is currently settling in a short-term bullish flag pattern above the 61.8% Fibo. The trend is still in the favor of the bulls and a breakout is imminent in the near-term.
Eternal Token (XET)
Eternal Token is the best performing digital asset among the top 100. The 51st ranked coin is up a whopping 35% in the last 24 hours. The crypto has been flying its flag high in the past couple weeks due to positive news and investor sentiment change. The recent surge had XET/USD trade slightly above $2.24. It started trimming gains on failure to overcome $2.50 hurdle. On the downside, it has been protected strongly at $1.20 preventing any slide towards $1.0.
There was a recovery on Thursday morning (UTC) where a fundamental break above the bearish trendline triggered extended gains that brushed shoulders with $2.2. Currently, XET/USD has corrected lower below $2.0 and is trading at $1.8. The bullish trend is still present and a retracement above $2.0 is expected in the short-term. On the downside, both the 50SMA and the SMA will offer support at $1.75 and $1.67 respectively (1-hour chart). Other key support areas include $1.4, $1.20 and $1.0.
